. >> big bird and pbs's parent gets only .01% of the federal budget. the president said he'd cut the budget by $4 trillion. >> i put forward a $4 trillion deficit reduction plan. >> reporter: he's counting money saved by letting the bush tax cuts expire for people making more than $250,000 a year. he's also counting $1 trillion in savings by drawing down the wars in iraq and afghanistan. nonpartisan budget experts call that a gimmick because those wars were deficit financed in the first place. mitt romney denied president obama's claim that his tax cuts would cost $5 trillion. >> i'm not in favor of a $5 trillion tax cut, that's not my plan. my plan is not to put in place any tax cut that will add to the deficit. >> romney has proposed making the bush tax cuts permanent for everyone and then cutting all rates an additional 20%. he would also repeal the alternative minimum tax and permanently repeal the estate tax. the nonpartisan tax policy center concluded romney's tax plan would cost $4.8 trillion over ten years. romney said his plan would be paid fo